REC and PFC Sign ₹26,850 Crore Loan for Meja Power Project
On 31 July 2026, in Prayagraj, Uttar Pradesh, REC Limited and PFC Limited – both Maharatna Central Public Sector Enterprises under the Ministry of Power and leading infrastructure‑financing NBFCs – executed a Common Loan Agreement with Meja Urja Nigam Private Limited (MUNPL). MUNPL is a 50:50 joint venture between NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL).
The agreement provides a total loan amount of ₹26,850 crore, which will be disbursed on a 50:50 basis by REC and PFC, making each lender responsible for ₹13,425 crore. The funds are earmarked for the establishment of the 2,400 MW Meja Thermal Power Project Stage‑II, comprising three ultra‑supercritical units of 800 MW each equipped with an Air‑Cooled Condenser (ACC) system. The estimated total project cost is ₹38,357.81 crore.
The loan documents were signed by the following officials: Mr. Srinivasa Rao Gaddamanugu, Chief Executive Officer of MUNPL; Mr. Shambhu Shankar Gupta, Chief General Manager of REC Regional Office Lucknow; Ms. Shelly Gupta, General Manager of PFC; with the presence of Mr. Angshu Barua, Chief Financial Officer of MUNPL; Mr. H. K. Das, Executive Director of PFC; and Mr. D. B. Londhe, Executive Director of REC.
The Meja Super Thermal Power Project (Stage‑II) is projected to strengthen Uttar Pradesh’s energy security, ensure reliable electricity supply for residential, agricultural, and industrial consumers, and support the state’s growth targets. The advanced ultra‑supercritical technology is expected to lower coal consumption and emissions relative to older plants, enhancing efficiency and environmental performance. The construction and subsequent operation are anticipated to generate thousands of jobs, stimulate local infrastructure development in Meja tehsil, and provide stable power to industrial corridors, manufacturing clusters, and expanding urban areas.